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Gabriel Resources Ltd (2)
Symbol GBU
Shares Issued 384,100,056
Close 2013-09-09 C$ 0.68
Market Cap C$ 261,188,038
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Globe says Gabriel Resources Rosia Montana in jeopardy

2013-09-10 08:18 ET - In the News

The Globe and Mail reports in its Tuesday edition that Gabriel Resources' Rosia Montana open-pit gold mining project in Romania is in dire straights. The Globe's Bertrand Marotte writes that about 15 years of work and $583-million invested by Gabriel hang in the balance as the miner frantically struggles to deal with comments made Monday by Romania's Prime Minister that Rosia Montana likely will not get approved amid protests from fiercely opposed citizens over environmental, heritage and economic concerns. Gabriel says it is examining all options if parliamentary debate on a draft bill to allow the project to proceed is halted, as Prime Minister Victor Ponta has suggested. The launch of a lawsuit "for multiple breaches of international investment treaties" is among those, Gabriel said. Parliament should move as quickly as possible to reject the project given widespread popular opposition, Mr. Ponta said Monday. Gabriel is "urgently seeking confirmation of the actual statements made and clarification of the impact on the proposed permitting of the Project." Gabriel is now on its seventh chief executive officer, Jonathan Henry, since launching its pursuit of Rosia Montana.

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